Consider the complex number $z = 3 + 4i$. The magnitude of a complex number $z = a + bi$ is given by the formula:
$$ |z| = ext{sqrt}(a^2 + b^2) $$
Using this formula, calculate the magnitude of the complex number $z = 3 + 4i$. Enter the value of the magnitude in the grid below as a decimal, rounded to two decimal places.